New Jersey Statutes
§ 17B:32-38 — Prohibitions relative to insurer subject to delinquency proceeding
New Jersey·Title 17B INSURANCE
8.No insurer that is subject to any delinquency proceedings, whether administrative or judicial, shall: a. Be released from that proceeding, unless that proceeding is converted into a judicial rehabilitation or liquidation proceeding; b. Be permitted to solicit or accept new business or request or accept the restoration of any suspended or revoked license or certificate of authority; c. Be returned to the control of its shareholders or private management; or d. Have any of its assets returned to the control of its shareholders or private management until all payments of or on account of the insurer's contractual obligations by all guaranty associations, along with all expenses thereof and interest on all such payments and expenses, shall have been repaid to the guaranty associations or a
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New Jersey § 17B:32-38 (Prohibitions relative to insurer subject to delinquency proceeding) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Nearby Sections
15
§ 17B:32-31
Short title, purpose of act§ 17B:32-32
Application of authorized proceedings§ 17B:32-33
Definitions§ 17B:32-34
Jurisdiction over delinquency proceedings§ 17B:32-35
Restraining orders, injunctions§ 17B:32-36
Cooperation with commissioner in proceedings§ 17B:32-37
Proceedings previously commenced deemed commenced under this act; exceptions, distribution of claims§ 17B:32-39
Filing of petition; court orders§ 17B:32-42
Appointment of rehabilitator§ 17B:32-43
Powers of rehabilitator§ 17B:32-44
Staying of pending actions§ 17B:32-45
Petition for order of liquidation